Budget retailer 99p Stores has been placed into administration following its purchase by rivals Poundland.

Poundland bought the chain and its 252 outlets for £55 million in 2015 and began a process of rebranding.

Sixty stores continue to use the 99p Stores branding and exist in a separate shell company – all of these stores have now been closed. Poundland confirmed the vast majority of jobs will be transferred to other Poundland stores.

There is just one 99p Stores outlet in Bristol, at the Broadwalk Shopping Centre in Knowle.

Read More

AlixPartners said it had been appointed as administrators of 99p Stores.

“This appointment comes in support of Poundland Group Limited strategic decision to operate their entire retail estate under the Poundland fascia,” a spokesman said. “No employees are affected by this appointment.”